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Iraq Plans to Spend $9.8 Billion on Roads, Housing by 2016

Iraq plans to spend $9.8 billion on roads, bridges and housing through 2016 as the war-torn country’s budget doubles on higher oil production, according to the construction and housing minister.

The current annual budget is $112 billion, of which the energy industry consumes 40 percent, Mohammad Saheb al-Darraji said in an interview in Abu Dhabi today. The country is budgeting $5.8 billion on roads and bridges and $4 billion on housing, he said.